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Any Good Mortgage Brokers??

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Re: Any Good Mortgage Brokers??

I'll definitely report back what rates i end up getting quoted from others.
Message 11 of 18
Established Contributor

Re: Any Good Mortgage Brokers??

Don't forget about service!

 

As a loan originator I know my company's costs and fees are higher than most and my rates (like just about every other lender in town) are competitive, but the value and guidance I provide my clients (especially because I know how to manage the rate locking process efficiently) is second to none and the reason why my business has grown in the 10 years I've been originating mortgage loans. 

 

Just remember, this is America and you'll get what you pay for.....chasing the lowest rates, costs and fees is like trying to catch a falling knife and you are likely to get burned.  (?)

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 12 of 18
Frequent Contributor

Re: Any Good Mortgage Brokers??

Well... That would be true unless you happened to have a good , experienced loan officer (of 18 years) who happened to have access to the lowest rates.

I would think it would be a better deal to have both of those things instead of just one.
Message 13 of 18
Established Contributor

Re: Any Good Mortgage Brokers??


@Mortgage-Specialist wrote:
Well... That would be true unless you happened to have a good , experienced loan officer (of 18 years) who happened to have access to the lowest rates.

I would think it would be a better deal to have both of those things instead of just one.

Most lenders all offer the 'lowest rates' and occassionally it's all about getting the job done in a satisfactory manner--i.e. Service.   Loan costs are measured in the APR--everyone knows this, but sometimes there's more to it than just a low rate.

 

I apologize if you think I am trolling you....I'm not, so don't feel guilty--we can agree to disagree.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 14 of 18
Valued Contributor

Re: Any Good Mortgage Brokers??


@Mortgage-Specialist wrote:
Yes for 30 year Fixed rate FHA loans

It was my understanding that FHA loans are more expensive over the life of the loan due to mandatory mortgage insurance, or is that no longer the case?

 

I'm also not sure I would qualify for it over a conventional.

Message 15 of 18
Established Contributor

Re: Any Good Mortgage Brokers??


@iced wrote:

@Mortgage-Specialist wrote:
Yes for 30 year Fixed rate FHA loans

It was my understanding that FHA loans are more expensive over the life of the loan due to mandatory mortgage insurance, or is that no longer the case?

 

I'm also not sure I would qualify for it over a conventional.


This is true, however, HUD subsidizes the primary note rate which often helps keep the APR low when compared to conventional or conforming loans, so be sure to compare quotes from your lender for each program.   Often times the difference in APR is marginal and may be even less than .5%.   

 

Considering that interest rates are STILL at record lows, the difference between the loan programs (again, look at the APRs on FHA vs. Conventional) may be irrelevant in the long term---especially if  you ever consider paying additional principal on your loan before the interest accrues to your loan.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 16 of 18
Valued Contributor

Re: Any Good Mortgage Brokers??


@NC_Mtg_Loaner wrote:


This is true, however, HUD subsidizes the primary note rate which often helps keep the APR low when compared to conventional or conforming loans, so be sure to compare quotes from your lender for each program.   Often times the difference in APR is marginal and may be even less than .5%.   

 

Considering that interest rates are STILL at record lows, the difference between the loan programs (again, look at the APRs on FHA vs. Conventional) may be irrelevant in the long term---especially if  you ever consider paying additional principal on your loan before the interest accrues to your loan.


Every little bit helps. If there's any requirement around the type of property with FHA (which I thought there was, especially for more expensive properties), it would make that route all but impossible. That's why I've just stuck with conventional - I thought the FHA/USDA mortgages are really meant for first-time buyers or those with low/no cash with which to make a down payment.

 

For me, the mortgage is basically to supplement what I can't pay cash for. I'm paying extra to the principle every month on our current property, but that would possibly change on our next one as we'll be taking out a potentially larger mortgage to cover the difference. We would, however, be putting down around 60-80%, so the idea of paying insurance on a 20-40% LTV mortgage is a bit ridiculous.

Message 17 of 18
Frequent Contributor

Re: Any Good Mortgage Brokers??

If youre putting that much down then youre going to want to go conventional
Message 18 of 18
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